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Iraq Is Wild Card in World Oil Supply

Updated Dec. 14, 2009 12:01 a.m. ET

Ten years ago, U.S. Energy Secretary Bill Richardson was hinting at a potential release of oil from the country's strategic reserves to cool prices, then at the heady level of $25 a barrel. As 2009 draws to a close, many regard Friday's price of $69.87 as a buy.

Surging demand from countries like Brazil, Russia, India and China trashed prevailing wisdom. The BRIC nations accounted for 61% of demand growth over the past decade, according to the International Energy Agency.

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